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Recently, Healthcare Weekly included Madaket on their list of best healthcare startups to watch for in 2018
Madaket Health, a cloud-based, healthcare SaaS platform solution, announced on July 23rd, that it has obtained $10 million in Series B funding, in a round led by Qiming Venture Partners, in which other investors, such as Experian Ventures, The PNC Financial Services Group, and Salesforce Ventures participated. According to Healthcare Weekly, the company intends to clean-up the messy and time consuming payer – health care provider system.
Credentialing and enrollment are key elements to getting access to the medical “in-network” market. Not only healthcare providers but also insurance companies use the credentialing process before allowing healthcare providers access to their network.
The process is long and difficult and any mistake in filling out an application will cause it to be returned to the health care provider for correction and resubmission – a process that is excruciatingly painful.
The Madaket solution can send all needed information to the respective payers, after the provider/client only fills out one form online, once, reducing the number of times a provider may apply to join a healthcare plan from upwards of 25 to once.
This solution will save time, money, and an exponential quantity of stress, making Madaket one of the most exciting examples of digital transformation initiatives in the healthcare industry.
Make no mistake: Madaket is facing an uphill battle in its attempt to reshape the healthcare industry. It will need to integrate with countless decentralized systems, poorly digitized payers and face resistance from many different companies operating in this space.
However, our advice to Madaket is simple, via Simon Stertzer, one of the wealthiest and most renowned cardiologists of the 21st century: “Never let new ideas be overcome by lethargy and negativity” (source). After all, 130 billion dollars in lost productivity per year is at stake here.
